BHS folds in the UK - Malta operation awaiting news

UK High street retailer BHS has collapsed into administration, putting 11,000 jobs at risk and threatening the closure of up to 164 stores. It is the biggest retail failure since Woolworths went bust in 2008. In Malta, Tonio Camilleri, speaking for local franchise owners Camilleri Group, said he had learnt of the UK store's collapse from the media. He said he expected to be contacted by the administrator shortly. Local operations are continuing normally. In a statement, administrators Duff & Phelps in London said: "The group (BHS) has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business. These negotiations have been unsuccessful. "In addition property sales have not materialised as expected in both number and value. Consequently, as a result of a lower-than-expected cash balance, the group is very unlikely to meet all contractual payments. "The directors therefore have no alternative but to put the group into administration to protect it for all creditors. The group will continue to trade as usual whilst the administrators seek to sell it as a going concern." The company's owner, Dominic...